Shares

The Kina board said in a statement the strategic and sophisticated investors include Phil Mulacek who, together with his affiliated company PIE Holdings LP, will maintain the percentage holding established in November 2014.

Funds raised from this placement will be applied to Kina’s ongoing working capital requirements, particularly in relation to its two key retention licences Petroleum Retention Lease (PRL) 21 (Elevala-1 and Ketu-1) and 38 (Pandora offshore discovery), where pre-development work is ongoing.

O’Neill dismissed the claims as being based on Sir Mekere’s imaginary figures, saying instead that on balance, the State has made around a 100 million Kina from the sale in Oil Search project.

“The State’s investment in Oil Search was the right decision at the time, it helped maintain confidence in the oil and gas sector, but was undermined by unforeseen global factors and baseless political opposition,” he said.

He said it is a step in the right direction but more economic recovery work is needed.

“As a citizen and national leader of Papua New Guinea, I feel it is appropriate for me to comment on the recent news report by Reuters regarding the PNG Government’s intention to sell the State’s stake in Oilsearch”, said Polye.

In a media conference today, chairman Ricky Mitio announced the release of 7,021,300 shares at an issuing price of K1 per share.

Mitio said the once in a lifetime opportunity is only applicable to members of ‘Women in Business’, customers of Women’s Micro Bank, and members of PNG Women in Business.

Mitio said the offer will strengthen the Bank’s capital adequacy; expansion of its branch network; improve technology for risk management and banking services; but more importantly give women members direct ownership of the bank.

Acting ABG Secretary for Economic Development, Albert Kinani said the entity being the business arm of the ABG is responsible for all investments made by the government and that includes the ABG’s shares in the Chebu Shipping Company and the recently acquired shares in the Bougainville Import Export General (BIEG) Corporation Limited.

Kinani explained that in the case of BIEG, the company is currently trading as a private company which under the Company’s Act of 1997 allows for people or entities to purchase shares in the company.

President of Ok Tedi Mine Impacted Area Association (OTMIAA) Nick Bunn on behalf of the people of Western Province said the benefits must be shared with the right full landowners of the mine Villages.

He said the landownership issue has been outstanding for a very long time.

“We are now looking forward to working closely with the Government to ensure that the K5b for the people of Western be given back through a transparent, fair and benefit structure which will be distributed according to the sharing structure which will be agreed to through the awareness program.”

Opposition Leader Don Polye in a media conference yesterday said the UBS loan and other commercial loans are liabilities to the state and must be addressed as a matter of urgency.

He said this single loan engagement, K3 billion UBS loan was a big mistake that impacts badly on PNG’s economy today during a global economic recession, creating a domestic economic crisis and fiscal operation nightmare.